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Feb 6, 2013 6:30pm PST
gasoline comes as workers have less take-home pay, because of the expiration of a payroll tax holiday. so will consumers be forced to cut back spending, hurting economic growth, and stock market performance? >> not necessarily, because rising gasoline prices is usually predicated on a weaker dollar or better economic activity. better economic activity would lead to higher earnings. >> reporter: wolfberg says crude prices would have to jump $10 a barrel, or roughly 10%, before there's a major hit to the u.s. economy. erika miller, "n.b.r.," new york. >> tom: still ahead, the federal reserve is the latest target of a cyber attack, are companies taking cyber risks seriously? >> susie: on wall street today, a choppy day of trading with investors focused on new concerns about the outlook for europe's economy, and a new batch of corporate earnings. with more than half of the companies in the s&p reporting, quarterly results have been better than expected. still, by the closing bell, stocks were virtually unchanged. the dow rose seven points, the nasdaq fell three, and the s&p added nearly a poi
Feb 2, 2013 1:00am PST
in washington in the next two months on spending and taxes. white house economic adviser alan krueger warns the automatic spending cuts known as the sequester could hurt the economy and job growth. washington bureau chief darren gersh spoke with him at the white house just after the employment report came out. darren began by asking there's a clear trend in the jobs numbers. >> today's report of 157,000 was a little bit above what the average has been for the previous 12 months, but i think if you look at the whole pattern, we see a job market that's gradually healing. over the last 35 months, our businesses have add 6.1 million jobs. that's moving in the right direction but we have a big hole to dig our way out of because the financial crisis was so deep >> darren: it doesn't look like in the job numbers that the fiscal cliff scared employers from hiring people but that didn't show up. were you surprise bide that? >> i think our economy has been resilient. investment was strong in the fourth quarter, particularly in equipment and software. we're seeing signs that the private
Feb 5, 2013 6:30pm EST
pass a mix of spending cuts and tax increases to ease the immediate hit. >> there is no reason that the jobs of thousands of americans who work in national security or education or clean energy, not to mention the growth of the entire economy, should be put in jeopardy just because folks in washington couldn't come together to eliminate a few special interest tax loopholes. >> reporter: republicans dismissed the calls for more tax increases, and many argue the threat of the automatic spending cuts known as the sequester are the only way to force democrats to accept more spending cuts. but their leverage may be limited. >> i think we will have the sequester for a short period of time, probably until the first civilian employee of the government is furloughed, which might take about a week. and then, that pain may be enough to cause the people on capitol hill and the president to come to some sort of rational deal. >> reporter: the short-term budget fight comes as the medium-term outlook for federal red ink is improving. the congressional budget office figures the deficit will come in
Feb 7, 2013 6:30pm PST
payroll tax holiday. 20 retailers tracked by thomson reuters reported an average sales gain of 5% in january. that's nearly twice as strong as last year. erika miller looks at whether the sales momentum can continue. >> reporter: if there's one thing helping retailers these days, it's cold weather. low temperatures in much of the nation has boosted sales of coats and warm clothing. so no surprise that department stores selling those items were big winners in january. kohls, nordstrom, and macy's all posted double digit sales increases. >> if you are trying to clear winter goods that didn't sell over the holidays, the cold snap is a big help. we had a bunch of weather events-- cold, wet, snow, ice, so things are selling out even if they've been marked down. that's really cleaning out inventory that needs to get out before the spring. >> reporter: but to be fair, there was also a quirk of the calendar that gave many big retailers a fifty-third week in their fiscal year. that meant an extra week of sales in january. >> but spending is not expected to be strong heading into spring. ameri
Feb 7, 2013 7:00pm PST
the pain of higher payroll taxes. >> reporter: and many families may be making fewer trips to the mall because of other spending priorities: >> automobile sales have been coming back now for a full year. that is cannibalizing some of the discretionary spending power out of all the other categories, whether it's apparel, sporting goods, etcetera. >> reporter: johnson predicts retail sales overall will rise 2.9% this year. that's less optimistic than the national retail federation's 3.4% forecast. >> income growth is still very sluggish. and of course we have the uncertainty from the sequester and all the washington nonsense occurring. so we think we would do very well to get near to a 3% annual growth rate. >> reporter: going forward, it will be harder to identify retail sales trends month-to- month. four major chain stores; target, macys, kohl's, and nordstrom, will no longer provide monthly same-store sales figures. they join others like wal-mart and sears that only report sales quarterly. >> in some ways it makes it easier because we don't have to explain anomalies that change month
Search Results 0 to 20 of about 21 (some duplicates have been removed)